As promised, here is a brief analysis of the Vancouver Property Markets for May 2012.
Most areas saw a continued increase in listings for May.
Units sold in May were similar to the amounts sold in April – although down
from 2011 May sales. Here are a few highlights:
Greater Vancouver: Units Sold in May 2012 up 2.1%
from April 2012 and down 15.6% from May 2011. Total Active Listings are up
20.2% from May 2011, currently there is a 7 Month’s Supply of Listings –
Balanced Market.
Vancouver West Side Residential: Units Sold in May
2012 up 4.4% from April 2012 and down 22.7% from May 2011. Total Active
Listings are up 38.9% from May 2011, currently there is a 6 Month’s Supply of
Listings – Balanced Market.
Vancouver West Side Houses: Units Sold in May 2012
down 6.2% from April 2012 and down 46.5% from May 2011. Total Active Listings
are up 78.1% from May 2011, currently there is a 9 Month’s Supply of Listings –
Buyer’s Market.
Vancouver West Side Condos: Units Sold in May 2012 up
11.6% from April 2012 and down 8.9% from May 2011. Total Active Listings are up
28.1% from May 2011, currently there is a 6 Month’s Supply of listings –
Balanced Market.
Vancouver East Side Houses: Units Sold in May 2012 up
12.6% from April 2012 and down 28% from May 2011. Total Active Listings are up
22% from May 2011, currently there is a 4 Month’s Supply of listings – Seller’s
Market.
Vancouver East Side Condos: Units Sold in May 2012
down 27.7% from April 2012 and up 10% from May 2011. Total Active Listings are
up 36.5% from May 2011, currently there is a 6 Month’s Supply of listings –
Balanced Market.
North Vancouver Houses: Units Sold in May up 4.2%
from April 2012 and down 17.5% from May 2011. Total Active Listings are up
25.2% from May 2011, currently there is a 3 Month’s Supply of listings –
Seller’s Market.
Richmond Houses: Units Sold in May down 11.5% from
April 2012 and down 25.2% from May 2011. Total Active Listings are up 22.4%
from May 2011, currently there is an 11 Month’s Supply of listings –
Buyer’s Market!
Richmond Condos: Units Sold in May down 23.2% from
April 2012 and down 31.2% from May 2011. Total Active Listings are up 30.2%
from May 2011, currently there is an 11 Month’s Supply of listings –
Buyer’s Market!
As you can see there has definitely been a slow down in certain markets here in Vancouver. If you are planning to sell your place you may want to take all of these conditions into consideration about your price or whether to hold back until after the summer and analyse the market conditions before listing, You don't want your home lost in a sea of huge inventory and so much choice.
For all you buyers out there: This is a fantastic time to get a place for a great price and take advantage of amazingly low interest long term mortgages. With so much property on the market there are great deals to be had.
If you have any questions feel free to get in touch.
Good luck everyone
Cheers
Gerry
